Tullow Oil enters agreement to acquire Spring Energy Norway

Tullow Oil has entered into an agreement to acquire exploration company Spring Energy Norway for a purchase price of $372.3m (£232), which will be adjusted for working capital.

The purchase has an effective date of 1 September 2012.

Tullow also intends to begin a process to dispose of its exploration, development and production assets in the UK and in the Dutch Southern North Sea (SNS) gas basin.

These two transactions are in line with the company’s strategy of active portfolio management and the monetisation of non-core assets.